Asian mid-market performing credit platform Ascertis Credit, formerly known as BPEA Credit, on Wednesday said it has hit the final close of its Select Short Term Income Fund-I (SSTIF-I) at Rs 1,000 crore ($115.6 million), exceeding its initial target of Rs 750 crore.
The announcement comes months after the fund hit its first close in June and said it expected to close it in Q3 2024.
The SSTIF-I fund was established in direct response to market feedback, recognising the need for a stable, shorter-term investment vehicle with regular income distribution. It is a sector-agnostic fund and will invest in high-growth, established companies with strong growth prospects and looking for solution capital. The fund is expected to make 10-12 investments.
Ascertis Credit categorises Asia into three segments — Advanced Asia, which is Japan, Korea, and Australia; China; and India and Southeast Asia.
It has raised four funds to date, invested over a billion dollars in performing credit, and will be raising its $750-million fifth fund soon, following the successful deployment of its fourth fund. Fund III announced its final close in June 2022 at $600 million.
Before this, it raised $135 million for this second investment vehicle. The size of its first fund could not be ascertained.
It has so far invested over $1.1 billion in companies across multiple sectors primarily in India and counts digital lending platform mPokket, office space provider WeWork India, and edtech venture Veranda Learning among its portfolio firms.
